The International Monetary Fund(IMF) has called for cooperation in the international community in efforts to deal with the economic fallout of the novel coronavirus. 

The IMF made the call in its G20 Surveillance Note released on Wednesday ahead of the meeting of G20 finance ministers and central bank governors this weekend in Saudi Arabia. 

The Washington-based lender said that global growth appears to be bottoming out but the projected recovery is fragile, warning that risks to the global economy remain "skewed to the downside." 

Citing the outbreak of the new coronavirus as one uncertainty for the global economy, the IMF said it is disrupting economic activity in China and will impact other countries in tourism, supply chain links and commodity prices. 

The IMF advised that in South Korea and some countries where inflation is low, loose monetary conditions need to be maintained until inflation is close to or above the target. It added that South Korea needs further monetary accommodation.